RoboForex South Africa Review 2024 - TU expert opinion
Is the Forex market legit in South Africa?
Our Evaluation of RoboForex
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
RoboForex is one of the top brokers in the financial market with the TU Overall Score of 8.77 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by clients on our website, Traders Union expert Anton Kharitonov believes he can recommend this company as the majority of reviews prove that the broker’s clients are fully satisfied with the company.
The minimum deposit in RoboForex is $10. Leverage up to 1:2000. Traders choose RoboForex for reliability, favorable trading conditions, minimum spreads, and commission fees. The company is recommended for beginner traders and experienced investors.
Detailed Review of RoboForex in South Africa
RoboForex is a good choice for traders from South Africa. The broker complies with all the requirements of the local regulator and offers attractive trading conditions for the clients.
The company is responsible for fulfilling its tasks by offering its clients: the latest trading products, unique developments in data transmission, and trading functionality. The company has won numerous prestigious awards. The RoboForex group of companies has an international license to provide services from FSC Belize (license No. 000138/437).
The FSC Belize is one of the most reputable regulators. Additionally, RoboForex is a member of The Financial Commission with a guaranteed compensation fund of 20,000 euros, which guarantees reliability for a trader.
Advantages of RoboForex for trading in South Africa
Traders Union analysts conducted a detailed analysis of RoboForex for traders from South Africa. The experts outlined the key benefits of the company for the clients from this country. The advantages of the broker are as follows:
Narrow spread from 0 pips. The broker has the opportunity to offer such favorable conditions due to direct access to liquidity providers in ECN systems.
Instant market execution of orders. Traders’ orders are instantly sent to the Forex Market. There are no delays on the broker's servers or platform.
There is no commission for withdrawing money and replenishing the account. There are no restrictions on the number of withdrawals or the frequency of withdrawals. You leave a request, and it will be completed as soon as possible.
There are no trading restrictions. There is no limit on the duration of open trades, and the use of hedging and locking is allowed. Also, any number and any type of trading advisors can be used.
There is a one-click trading function
There is a free constructor of trading advisors that do not require programming knowledge
Leverage is one of the highest possible in the industry (up to 1:2000)
Negative balance protection is provided (gap protection)
Free VPS-сервер subject to the number of transactions equal to at least 3 standard lots per month. In the case of an insufficient trading volume, the monthly fee is $5.
Analysis of the Main Features of RoboForex in South Africa
Traders Union analysts analyzed the key features of RoboForex for traders from South Africa. TU uses its own evaluation method, assessing each block separately. Based on the results of the assessment, an overall score is given.
Trading conditions for RoboForex traders from South Africa
It is important to assess trading conditions before you decide to work with a specific company. Traders Union analysts have prepared a comparison of RoboForex trading conditions for traders from South Africa. The experts analyzed minimum deposit, trading platforms, leverage and other important information that could impact a trader's choice of a broker.
💻 Trading platform: |
МТ4, МТ5, R StocksTrader, R MobileTrader, R WebTrader
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---|---|
📊 Accounts: |
ProCent, Pro, ECN, Prime, R StocksTrader
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💰 Account currency: |
USD, EUR, GOLD
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💵 Replenishment / Withdrawal: |
SEPA, Bank transfer, Skrill, Neteller, AdvCash, Perfect Money, Visa/Mastercard, AstraPay, NganLuong Wallet, JCB.
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🚀 Minimum deposit: |
$10
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⚖️ Leverage: |
1:2000
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💼 PAMM-accounts: |
No
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📈️ Min Order: |
0.01-100
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💱 Spread: |
Floating from 0 pips
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🔧 Instruments: |
Forex (currency pairs), ETFs, index CFDs, oil CFDs, CFD on European and U.S. stocks, real securities
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💹 Margin Call / Stop Out: |
40% / 10% - 60% / 40%
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🏛 Liquidity provider: |
n/a
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📱 Mobile trading: |
Yes
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➕ Affiliate program: |
Yes
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📋 Orders execution: |
Market execution
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⭐ Trading features: |
Negative Balance Protection; No swaps on Islamic accounts, a pleasant affiliate program: each market participant gets up to 20% loyalty; One Click Trading.
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🎁 Contests and bonuses: |
Welcome Bonus
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RoboForex Commissions and Fees
Traders Union analysts analyzed commissions and fees charged by RoboForex for traders from South Africa. Within the framework of the analysis, all types of trading and non-trading fees traders are charged with were evaluated.
Our experts have checked this company for trading and non-trading commissions. In the trading commission category, the broker's spread was considered, and as a non-trading commission, it charges an additional fee for withdrawing funds.
Account type | Spread (minimum value) | Withdrawal commission |
Pro | $13 | No |
Pro-Cent | $13 | No |
ECN | $3 | No |
Prime | $1 | No |
We also analyzed the size of trading commissions in RoboForex and compared it with similar indicators of the company's main competitors. Based on the data obtained, the broker's trading fees were established as low, medium, or high compared to other brokers.
FAQs
Is RoboForex legal in South Africa?
Yes. RoboForex operates legally in South Africa. The broker holds the necessary licenses.
Can you learn trading with RoboForex? Does the broker offer courses for traders from South Africa?
Yes, RoboForex offers good trading courses and a lot of educational information for clients from South Africa.
Can RoboForex be trusted? Has the broker been operating in South Africa long?
RoboForex has been operating in South Africa quite long and has a good reputation. Therefore, traders can work with RoboForex.
Is RoboForex suitable for novice traders from South Africa?
Yes. RoboForex offers optimal trading conditions and good education for beginners from South Africa.
How efficient is RoboForex customer support in South Africa?
RoboForex offers a sufficient number of ways to contact customer support in South Africa, and also provides support in the state language.
Has RoboForex had any incidents involving theft of funds of clients from South Africa?
No. RoboForex provides reliable security of funds of clients from South Africa.
Will I be able to file a lawsuit in South Africa if RoboForex violates my rights?
Yes. If RoboForex violates your rights, you can file a complaint with the regulator of South Africa, and then with a court.
Can RoboForex clients from South Africa use the broker’s mobile app?
Yes. The mobile app of RoboForex is available for the clients from South Africa.
Does RoboForex provide South Africa market analysis?
Analysis of South Africa is featured in the information provided by RoboForex.
How can I withdraw funds from my account at RoboForex in South Africa?
RoboForex supports bank transfers and debit/credit cards of the banks operating in South Africa.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.